i'm craig melvin. thanks for watching. [theme music] ♪ good morning and welcome to "street signs." i'm arabile gumede and these are your headlines. stocks stick to the holding pattern with european equities and u.s. futures muted so far as investors embrace for the crucial inflation print. and rheinmetall misses the target and in germany, bayer is driven by growth.

and anglo american is agreeing to split or selloff some of the company as they fend off a takeover from bhp. round two. the single post from the roaring kitty social media account reignites the craze with the gamestop losing almost $1 billion in a single the session. all right. where are we with the market picture today? we are pretty much flat waiting for the cpi data from the united states with the ppi, of course, anticipated this morning. that will be another key focus and normally getting the ppi data before the cpi data from the united states as well way

indicates we will work out the pce data very soon. it is a lot of the economic data markets are focusing on although you have a host of earnings numbers still to really go through even out of europe as we have been speaking about rheinmetall. we have bayer with earnings and hanover re with numbers out this morning. we have a lot in europe and the tech stocks from the asia region which we are looking at with tencent and baidu and jd d.com. it is all about the inflation print which will move this week. around the flat line is where you see the three-month change up 8% for the stoxx 600 which is above 500. overall here, european markets

being a mixed picture. the ftse is down following yesterday as we have seen it move toward 88,450. a dropoff of the dax and the ibex market down .30%. we are following the resources sector with anglo american. autos are up .23%. we will look at some of those and what is moving along with the telecoms. still consolidation talks in play on that one although it has been long term and muted. vodafone numbers have come out as well. we will see how that effects the telecom unit. and still firmly above the

200-point mark. travel and leisure going down more than 1%. i had been speaking about a host of earnings and they may not be the ones moving the markets, but this is what you get out of today's movers when it comes to the ones in the earnings picture. rheinmetall going down 4.5% in its numbers. hanover re is 4% weaker. vodafone going up 3.3%. the big gainer being the top of the stoxx 600. i'll unpack these and give you a sense with bayer going slightly lower so far. out of the u.s., we said it once and we'll the say it again, it all about the inflation print anticipated tomorrow. we are headed to ppi numbers

first and that will interest a lot of investors. we have been speaking about earnings and it has remained resilient despite the inflation overhang and what you get from the fed as well as they have the fed speaking later on today as well. investors will be looking through comments from jay powell l later today after the producer price inflation ahead of wednesday's all-important cpi print. producer prices are expected to rise up 3.3%. let's get into this more now with the ceo of capital management who is joining us to unpack this. i appreciate your time. so much to peruse and go through. it is all about the inflation print. >> it seems to be about

government spending. you know, to quote stanley druckenmiller last week, he said he would give the u.s. treasury an "f." we're spending 7% of the gdp like we're in a depression and we're at full employment. what do you do with a congress and treasury willing to spend and you are trying to fight inflation? it is a tough spot. >> this is beating out all sense of normality. in a market with the high rates, you should be getting a weakened economy. you don't see that because of the spending. if that falls away, does that tak take away a lot of the market? >> if you look at the u.s. economy and i'll give you a statistic and you look at the portion tied to r& d and software, it is 7%. the u.s. is growing away from the credit cycle. to your point, if you get to the rates and that quick of tightening gets to a spillover

because people will not borrow money to build factories and stuff, but software is op ex instead of cap ex. the fed is using traditional tightening with the spending, but businesses have morphed to something op ex related. it is not how the economy is taking things, but the risk taking. the fact we are talking about roaring kitty is a joke. it shows you there are people less than 50 who like to gamble in the stock market. the stock market is the biggest gambling casino. so far, 5% on the fed funds rate hasn't scared them off. what will? >> i definitely want to talk about the meme stocks as well, but we will do that later. i want to talk about company balance sheets are clearly where they can make the spending.

that is an annual spend they can't just do once off and hope that comes to fruition p. t they have to keep spending. >> they benefit from massively low rates. we are not at the point where businesses en masse are factoring in shorter-term debt. that will cut into margins. you look at corporate margins and the issues are the interest costs and taxes. go back to the government spending we talked about. can we run these deficits and we pray to god it doesn't happen. it's adorable. what we find interesting is the return equity of american business is cyclical. they are treating it as non-cyclical. we are so good in business in america, which is a lie, but it is believed and it will never

been effected. i think the taxies will come hoe to roost. it does not bode well. >> is that why you need to be more selective? >> we tell people the s&p will reach zero over the next decade. i'm not saying every stock in the united states will do poorly. if you look at the '70s and 2000s, not all stocks do poorly. the composition in the market was set up to punish investors someone says what is that composition? that is really up to 20 stocks that dominate the indicie. all of the wealth managers in the world would say stay di diver diversified. it is interesting to see how dive dive diversification will have success. it is unique.

>> we have jpmorgan chase and bank of america still liking that credit story? >> we have owned those for a long time. bank of america since early 2012. we owned jpmorgan chase many monies ago. we got involved in fifth/third last fall. if you give us a good spread business where you can go out and make 10% return on your capital and buy below book value, that is a good return. it is the same analysis in europe. our portfolio holding is unicredit. you get one who wants to cut costs out of the business and what do you do? you find good economics for shareholders. i don't know in you saw macron's comments yesterday, i talked about this with steve as i came in, he said he is ready to consolidate in france. there is no banking union. the french letting you know they

are available for sale is bizarre. it is not long ago where they cried to buy carrfour. every french person said we're going to starve to death. macron is saying europe wants to put their best put forward and america is not the best business or the end-all. the eu is tired of the united states eating their lunch in banking. >> ubs is offering a similar note as well. cole, you are staying with us and we will continue this conversation in a bit. stay tuned for the coming up conversation. what's coming up next? vodafone reporting out of europe today. we breakdown the results for you. that's all coming up next.

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welcome back. uk unemployment ticked up to the highest level in almost a year coming in at 3.4% in the first quarter.

job vacanciyies slowed and wage growth remained at 6%. the bank of england member said the central bank will likely need to keep a restrictive stance on monetary policy adding the labor market is tight saying a lot more work needs to be done with inflation. that comes after the bank of england decided to keep interest rates unchanged last week. this is the picture from the uk. still report territory for the ftse 100. speaking of the ftse 100, anglo american with a slew of changing. the divestment or de-merger of the platinum and diamond and steel coal movements. there is after the rejection of the 34 billion pound takeover from rival bhp which said it under valued the company. it is interesting to see what the government of south africa

think bss about this with the de-merger of the company. we will have more with john meyer from sp angel later this hour. you see vodafone rising 3% in the early trade. it met expectations for core full-year earnings at 11 billion euro. the british telecom company returning to growth. it is facing energy and inflation headwinds in that market. first quarter sales at alcon rose to $2.4 billion. that was boosted by a 7% growth in net sales in the vision k unit. you see this moving higher. 9% higher today on the top of the stoxx 600. the full-year outlook is 7% to

9% year on year in full-year sales. we have been looking at the german earnings story with bayer coming out with the numbers. rheinmetall going down 4.8%. a 3% drop for swiss re. let's head to annette with more on this with the rheinmetall going down 5%. annette. >> reporter: rheinmetall is having high expectations and not meeting them for the first quarter. it is a miss on sales and operating income. the company's underlining momentum iss still going strong. you have to look at the share development since the outbreak in the war in ukraine. the ceo is not shy in actually

promising to grow the company further. currently, what they are doing is constructing two new plants. one in lithuania and one in germany to build up the ammunition capacity. clearly, that is a very scarce commodity in building up military spending across the globe. if that plan actually goes according or if the plans build p up ammunition capacity, rheinmetall could be the biggest ammunition producer in the world by 2026. the ceo is saying recently in the interview is that they are going to benefit by roughly 30% to 40% from any special spending on military things or products in germany that could amount to

30 billion euro, i should say, because the need for ramping up kcapacity in europe is so big. in the medium-term rheinmetall is looking to buget plans to bud a tank which could come to market by 2034. they are working on cannon producing and that would benefit from going forward. as i said, the shares did have a huge rally in the past and now hovering above 500 euro. that is a little setback we are seeing, but the growth ext trajectory with operating and military spending on the rise across the globe is tremendous. >> annette, thank you very much

for that. we have bayer as well coming up in this news headline as well. what have you basically seen out of that one? >> reporter: bayer is, by the looks of things, is doing better than analysts expected. the share price is still down because that is the way the shares have gone because of the debt level which they have debt on the balance sheet with no vision how to substantially reduce it. then, we have the costly weed killer litigation still not resolved. we talk about round-up, the monsanto weed killer, which has 54,000 cases outstanding. litigation is still a major issue. >> annette, thank you for your time. i appreciate it.

a lot of earnings as well out of germany. delivery hero shoares are o track for the best day in years. that is after uber announcing it is buying new shares. that is pulling the wider sector in early trade. that stock is up 20%. cole smead is still with us. i want to start off with the mining stuff that we have seen. yes, perhaps not a say just on anglo american and bhp, but mining sector getting more interesting. a little bit more buy in? >> there is a lot of cash left over from the last three or four years. the pesmart people in the space are at glen core.

obviously, the anglo deal that bhp is making an offer and you hear glen ccore. if anglo would like to sell their core assets, i would like to be a buyer through a couple of companies we own. i think most investors are unwilling to go to the commodity space because they have been poor 10-to-15 year stories. what that is doing is creating a scarcity of supply and deprivation of capital. the only way you draw capital back is good returns to drive investor enthusiasm and more competition. i know everybody is interested in the copper side because of the ev conversation, but if we don't generate power via colal,i don't understand how copper

matters. >> this is one of the issues with the conversation. let's talk about the portfolio holdings. so much more you can goo through. very interested here. volkswagen and porsche in all of this and bmw. what do you see in the european auto space and especially the german auto space? does that continue to get the traction you think, especially when things have looked so difficult and we are focusing more on the ev pace, which is slowing down, but it's what the market wants. >> as these large growth sellers of ougautos are out there, but are seeing a rapid slow in ev sales. we are back to the combustion engine and although porsche has made a big push toward doing

that slowly, we will find some of the plans will change. everything from the mining side like we talked about a second ago to what is the consumer want and what can we do. in the case of volkswagen and porsche holdings, i think the most interesting thing is will the porsche family be aggressive in their plans? they own 89%. that has done really well. they have not spun off the shares. will they push to do more in the deconstructing of volkswagen itself? >> it will be an interesting one in the auto space. i was reading as well this morning that ubs is coming out with a note and they said that they have a u-turn on their global equity strategy favoring europe over u.s. equities. they point to soft data and improving relative to the u.s. and that may be argued a bit. wage cycle and wages. europe is moving sooner than the

united states with interest rates. valuations. are they too high state side? better earnings revisions and uniqueness leadership in the top 40% of the market cap companies. your thoughts? should we favor europe over u.s. now? is this the time? >> from the broad context, i tell people you can take a drunk monkey and throw a dart on the global map. as long as he doesn't hit the united states, he will do well the next ten years. that's how big the spread is to be honest. i would put what is going on in the united states as japan in 1989 or the dot-com bubble. if you just go look at the largest ten market caps in the world and do the numbers, historically, it is a bad way to invest. to your point, i think what we will see in europe is effectively europe does well sans luxury. that is the winner in the ear a.

era. not everyone has to go out and be a show-me person. i say that because i come from -- i'm considered a wealthy person. i watched that around me. they are reaching so far down into average people and when we do get a deep recession or traditional recession, where will the buyers go for the stocks? i look at the mining sector or places like autos. those are four takes of the uk economy or european economy or stock markets and that's not what america does well. that's a huge differentiator. i'll add one more. the world of my childhood is gone. i was born in 1983. major powers never fought direct wars with russia. it is proxy wars. people ask us why do you enjoy owning oil stocks or the american and canadian producers. frankly, economics, every time

problems crop up, i make money. that is a bizarre way to make money. >> shares of gamestop closed up 74% after the social media user roaring kitty sparked the meme craze in 2021 posted on x for the first time since that volatile summer. other gains with amc closing up 80%. a quick read from you with the meme stocks. it is crazy. >> it is gambling. it is back to what i said earlier. we have the biggest casino in the world. fool me once, shame on you. fool me twice, shame on me. these are 40-year-old people like me that are going out and doing stuff that is stupid to honor the late, great charlie munger. they are taking in rat poison.

>> cole, always good having you this side of the atlantic. thank you for joining us. cole smead. coming up on the show, a no-go from anglo. the miner rejects at takeover offer from bhp. that is old news because so much more has happened becae ey usth are about to structurally change the business. we'll discuss next.

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welcome to "street signs." i'm arabile gumede and these are your headlines this hour. stocks sticking to the holding pattern with the u.s. equities muted as investors brace for the crucial inflation print. rheinmetall misses the targets. it is down 4% on the stoxx 600, but elsewhere, bayer is beating driven by growth in the pharma unit. to mining. anglo american is looking to split or sell off the mining unit as the company strives to win over shareholders and fend off a takeover from rival bhp.

openai launches a new model and unveiling a new desktop version of chatgpt as it looks to remain the market leader in generative a.i. ♪ we have been following a host of earnings for you, of course, out of asia as well. tencent music reported earnings. that was significant for the company. that pushed the share prices higher. today, following on from the conglomerate, the q1 numbers coming out for the company and quarterly revenues beating expectations or beating previous numbers, i should say. 159 million for quarterly

revenues for tencent. saying the profits coming in also much higher than previously at 41.88 billion remimbi. they stepped up the buyback plan. there were question marks over this continuing to be in play and purchasing over 100 billion of their shares in 2024. on track to repurchase that in this year. they stepped up the buyback plan, i should say, and on track to repurchase those. investing in a.i. technology and platform enhancements and high production value content. investing in a.i. a keep theme to come out in these numbers for tencent as they put out their quarterly profit numbers 41.9 billion is the quarterly profit figure.

it is up 1% today. overall, we have been looking at the asian markets. it has been the hang seng tech index that we have been looking at across the day's trading. that is up 1%. the markets have eased off the surge this morning with the asian market sitting at a 15-month high before easing off. we had also seen numbers from sony reporting a 7% drop in profits with playstation missing sales targets. tencent, as we note, rising in revenue and uptick in the quarterly profit. where are we overall with europe? the mixed trading picture. a holding pattern. ftse 100 is up 15 points so far this morning having lost yesterday as well as heading to the record territory. we are still not too far off from that. as you can see, we are around the flat line for most of the

market. still looking out for that earnings picture. this is a story that has continued to brew. anglo american announcing a slew of structural changes. the demerger of the platinum, diamond and steel making coal unit. it rejected the 34 billion pound takeover from rival bhp yesterday. let's chat to john meyer who jo joins us now. john, how significant is this with anglo splitting off part of the business and demerging part of it. is it digging deep to save this company from a hostile takeover? >> yeah, they are certainly digging deep and you could argue they should have been doing this anyway. it takes an event like b php wi

what looks like a hostile offer to make this all happen. i don't think bhp will easily win this. the board of anglo don't have that much reason to want to do it. there's a lot of improvement they with make on their own. they have taken some of the bhp ideas, but they don't want to sell the iron/ore material which they sell in south africa. they can demerge platinum and take on board the shareholders. the discount given to assets in south africa is pretty broad and that's really why bhp don't want to be there. they don't have to deal with the south african situation. requiring the target company to offload all those assets in order to achieve a hostile takeover is slightly bizarre.

remember, we've got in the background the chinese regulatory authorities who almost certainly want to require the sale of the copper mines, particularly now that chinese is getting a stronghold on the copper trades. >> this is bound to be a long-standing issue and our last guest could see glencore entering the picture. does this make them ripe for purchases from others whether it is the likes of glencore or rio tinto? is anglo up for sale with its many parts then? >> i'm not really sure anglo american is really up for sale. there is a lot that can come out of anglo. of course, we know glencore is looking at it and we are pretty sure rio tinto is looking at it

and i'm sure others will be. the end game for bhp is to effectively gain an approach f approval from the investment community. there are other targets out there. they have smaller copper mines, but you can acquire copper more easily in other parts of the world. i'm not sure what the full end game here. i'm not sure anglo is the end game as that target for bhp. >> putting out the word with the plans must be with regards to jobs, et cetera as well. this is that volatile market that anglo is looking at and saying we are not sure how we play a significant role in that

further. other companies doing the same as bhp as we have been noticing. how do you think this plays out in the mining sector as well? with regards to further consolidation of other evntitie or businesses, do we see copper as the primary? we have seen gold move higher. do we see consolidation in that sector? >> well, certainly gold miners are chucking off cash now that the gold prices are so much higher. we are aware of gold miners looking to acquire other assets because they are coming to us asking for ideas. with the whole sector beginning to come back in play and valuations alone with the equity markets being depressed in the mining sector. that means everything feels like it's up for sale. i feel anglo will fight hard to maintain their independence in this one.

>> some of the other miners are key question marks in all of this. how do you -- how do you see the, you know, the vision with regards to this? does this ultimately change things for him? i remember when carol was ceo a while ago. it was the growth machine she had hoped it would be. anglo platinum was a push on for the business. does this give you a sense this is the new normal? this is the way that consolidation in the space has to pretty much go and that's where growth is because you can unlock a lot more value. >> well, the focus is on improving the performance of the group. to be honest, that's what bhp was looking for. remember elliott associates are

a big holder in anglo american. this is a big issue for any investor there. what we are seeing is a re-shaping of the commodity portfolios to the metals required for electrification and electric vehicles and wind farms and solar farms and upgrades, et ce cetera, et cetera. what we will see is more focus on other critical minerals. not only will the chinese try to control as much as they can, but the united states government is taking an interest in these companies. they will be pushing behind the scenes to ensure that china doesn't gain control of more of the commodities. i was recently on a field trip where a member of the u.s. state department was present. we had calls with these guys.

there is so much going behind the zscenes which will drive further growth with a host of smaller companies. >> if you stay out of it, you could be losing out here as well. john, if we talk overall. do you see mining pretty much having one major player or few major players in the future? do you see it close out more businesses? is there a sense you can have the number of mining companies you have now still in play in the future and a lot more breakups? >> i don't see bhp acquiring anglo right now, not unless they want to raise their offer a lot and the indication from the share price is that investors see this as quite earnings dilutive. i think the majors will turn their attention to growth and start picking up the smaller

companies. we have seen the chinese doing quite a lot of this. i think when it comes to metals like lithium and rare earths ana and titanium, for example, there is more activity to bulk up the portfolio with reasonable exposure on cap ex growth. >> interesting. we are talking about mining a lot more. the last ten years have brought us to where we are right now. john meyer, thank you. joining us from sp angel. to another story. mark branson has called for financial regulations saying they need to reduce complexity and maintaining standards. germany's top financial watchdog is looking for requirements in the bid to pay for the digital

and green transformation of the european economy. annette will speak to mark branson at 12:00 ce tt. s stay tuned for that. and tencent is looking to bulk up its invest endminvestme. we will have that and more around the earnings spacne.e xt shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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welcome back. now google is set to hold its latest developer conference later today with one piece of tech dominating the agenda. cnbc's steve kovach filed this report. >> reporter: it is the summer of a.i. and we will hear from the three biggest names in tech, google, amazon and apple. we heard from openai on monday. here's the breakdown. openai's event revealed the newest model called gpt-4.0.

it is interpret images and voices. no more asking a question and waiting for an answer before you ask another with the assistants li like siri or alexa. and tuesday is google's developer conference expecting more updates to the a.i. model called gemini. the report is we may see a new assistant that sounds similar to what openai showed on monday. then, a week from that, we get microsoft's developer conference on may 21st. expecting a lot of this one to focus on a.i. computers. those are the computers with special processors designed for artificial intelligence tasks. based on the microsoft descriptions, we are expecting qualcomm to launch its first computer chip from the microsoft a.i. pcs.

expect more a.i. features in windows 11 and updates to copilot. and the latest is the apple worldwide conference on june 10th. this is apple's coming out party for generative a.i. and apple is closing in on a deal with openai to power features in the iphone software according to the recent report from bloomberg. "the new york times" reported siri is getting a major upgrade. it is putting pressure on it self to wow customers since tim cook started teasing it in november. for cnbc business news, i'm steve kovach. >> apple calls it the future of interaction between ourselves and the machines. however, speed wasn't the only draw card in the company's latest announcement. >> i would like you to function

as a translator. i have a friend who speaks italian and i speak english. i want you to translate english to italian. is that good? >> perfecto. [ speaking italian ] >> translator: mike, she wonders if whales could talk, what would they tell us? >> they might ask how do you solve equations. [ speaking eitalian ] >> translator: certainly, yes. >> great. it looks like it works. >> yeah. okay. so much to release there about all of this. z sony has a 7% drop as it

grapples with the fall in business and they focus on a positive year ahead as they see more than 5% growth in profit just this year. more earnings news. foxconn with a 72% jump in quarterly profit, but missing expectations. the apple supplier changed the wording of the 2024 guidance to offer a more optimistic picture. foxconn sees revenue growing significantly in the second quarter with strong growth across its computing, cloud and networking segments. here's one that broke not long ago. tencent posted a 40 billion yuan profit in the first quarter. that is up 15 billion on the year. tencent says it is now on track to repurchase over 100 billion hong kong dollars of shares this

year. you have seen ten cent go up higher and the australian market is down. we have focused on the hang seng tech index. asian markets were at a 15-month high before easing off considerably as well. sony having reported the numbers and also having moved things along. the nikkei is the biggest gainer today up .50% so far. that's what we're seeing. the shenzhen composite is .30% stronger. the japan corporate inflation is stronger than from earlier in the year. that is in focus on the market as well. we are seeing numbers from alibaba today. what does that mean for the tech sector? are you seeing a little thmore

growth coming through? is a.i. spending coming through? meta has been punished when they pronounce they will be spending a little bit on a.i. what does that mean for some of the companies? now it is about the rubber hitting the road. investors want to see what the a.i. spend brings. if you give that spending away now, when will that come to fruition? it is not necessarily going to be a short-term play. you also have jd.com and baidu earnings coming out later this week. a key question with the sony numbers we saw earlier. 7% drop in profits. p playstation 5 missing targets. a one-trick pony? is that what the company has just become now or is there a revival of some sorts of that business and where do they begin to get it? is gaming the be all-end all for

that company? quickly, here is the fx markets. we have been looking at the japanese yen. the dollar has been steady with the investors waited the cpi data point out of the united states. ppi, of course, breaking this morning. the yen is hovering at the two-week low stoking intervention worries again. we had seen the yen hit 160 last week and come off with possible intervention still in play. no confirmation of that. of course, investors still looking for the rate path when it comes to interest rates. 42 basis points of cuts expected this year. just 42. one cut and then maybe another. we'll see how that fares, of course, as time goes by. let's look at the oil market. oil prices were little changed. investors eyes fresh drivers with the cpi print and opec's

monthly report is due out as well. you can see brent crude oil and wti taking a dip. $90 a barrel was the mark we have seen with brent crude oil in the month of april. it has come down from that, but still significantly higher for the year. the european trading picture is below the flat line as you can tell the dax in germany. we have that inter vufview comip later on. we will speak to ba fin later on as well. y stay tuned for the interview with mark branson. we spoke about gamestop as well and that had been very interesting. that market picture had been dramatic yesterday. many stops, particularly within the first hour of the trading

picture for gamestop with roaring kitty to come back and post on xfor the first time since 2021moves in the market. we will see how things fare today. you see the jump in the pre-market. investors are bullish since they have been since november of 2021 which comes over the potential of interest rate cuts driving the coptimism more than the funding picture. that tells you the market should be headed higher. that's what you see there. will that continue? we'll take a look for you again across the day's trading. stay tuned to cnbc. thank you for joining us. i'm arabile gumede. "worldwide exchange" is next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at

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win streak snapped. futures right now marginally higher. tweets, halts and rallies. shares retail favorites doubled out of the blue. we dig into the market action next. tough act tool